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Why do we use Check Positive Pay ?

Answer Posted / tgs100

Below one is a generic concept of check positive pay. I didn't use it in Oracle apps.

Check positive pay is a fraud detection process. Whenever the company pays CHECK to the suppliers/employees, the CHECK details like account number, check number, issue date, check amount, etc are sent to the corresponding bank (mostly electronically) for the issued checks. Now when the supplier deposit the check, the bank software will automatically verify if there is/are corresponding check details provided to bank by the company.
If the details match, then vendor will be paid. If there is no matching record found, then bank will intimate the same to the company and company has to take necessary action. For this service, banks might charge a fee also.

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